Founded in 1998
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Saxo Markets, part of Denmark’s Saxo Bank Group, was founded in 1992 and is considered a leading fintech specialist. Their primary focus is on multi-asset trading and investment services, along with providing “banking-as-a-service” to wholesale clients. They entered the online trading platform arena in 1998 and have been operating in the United Kingdom since 2006 through their subsidiary Saxo Capital Markets U.K. Ltd. Notably, Saxo Markets does not accept traders from the United States.
A Leading Provider of Forex and CFD Trading
Saxo Markets’ flagship platform is SaxoTraderPRO, a downloadable platform designed for advanced traders. They also offer SaxoTraderGO, a web-based platform known for its user-friendly interface and a functional mobile application. Furthermore, Saxo provides access to third-party tools and APIs for building custom applications. It’s important to note that Saxo Markets does not offer the popular MT4 platform, which is commonly found among forex brokers.
- Best Forex Broker for Advanced Traders: Saxo Markets was recognized by Investopedia as the “Best Forex Broker for Advanced Traders.” This award highlights the broker’s extensive product catalog, advanced user interfaces, and superior research offerings.
- Regulatory Awards: Saxo Markets has received awards related to regulatory compliance and safety. Being regulated by the Financial Conduct Authority (FCA) in the United Kingdom is a significant factor in their credibility and has likely contributed to their recognition in this regard.
- Innovation Awards: Financial institutions that introduce innovative features or technologies often receive awards for their contributions to the industry. Saxo Markets may have received awards for their trading platforms or technology solutions.
- Trading Excellence Awards: Saxo Markets may have received awards for their excellence in trading services, including execution quality, trading tools, and order execution.
- Research Awards: The broker’s commitment to providing top-notch research and market analysis may have earned them awards for their research amenities and resources.
Is Saxo Markets Right for You?
Saxo Markets is well-suited for advanced traders and professionals who have a strong understanding of financial markets and prefer a wide range of trading instruments, including forex, shares, commodities, and more. With a commitment to in-depth research, advanced trading platforms like SaxoTraderPRO, and regulatory compliance, it offers a credible option for those seeking a comprehensive trading experience. However, it may have higher account size requirements, limited support options, and a lack of emphasis on customer service, making it less ideal for novice traders or those with smaller account sizes who require extensive educational resources and support. It’s important to align your trading style, experience, and preferences with Saxo Markets’ offerings and consider whether it meets your specific trading needs.
Regulated by Prominent Authorities
Saxo Markets (part of Saxo Bank Group) was regulated by several prominent financial authorities around the world. These regulatory authorities are known for their strict oversight of financial institutions to ensure compliance with industry standards and the protection of client funds. Some of the prominent regulatory authorities that regulated Saxo Markets included:
- Financial Conduct Authority (FCA) – United Kingdom: Saxo Markets was regulated by the FCA, one of the most respected financial regulatory authorities in the world. The FCA oversees financial markets and firms to ensure they operate with integrity and in the best interests of consumers.
- Danish Financial Supervisory Authority (DFSA) – Denmark: Being headquartered in Denmark, Saxo Bank Group was regulated by the DFSA, which is responsible for supervising financial institutions operating in Denmark.
- Swiss Financial Market Supervisory Authority (FINMA) – Switzerland: Saxo Bank Group had a presence in Switzerland and was regulated by FINMA, the Swiss regulatory authority for financial markets.
- Australian Securities and Investments Commission (ASIC) – Australia: Saxo Markets had a subsidiary in Australia, and as such, it was subject to regulation by ASIC, the regulatory body overseeing financial services in Australia.
- Other Local Regulatory Authorities: Depending on their presence in other countries, Saxo Bank Group subsidiaries may have been regulated by additional local regulatory authorities in those jurisdictions.
Pros and Cons of Trading with Saxo Markets
- Extensive Range of Offerings: Saxo Markets offers an impressive array of products, including forex, shares, commodities, indices, options, bonds, and futures. These assets can be traded through various instruments such as CFDs, forward contracts, and direct ownership.
- Regulated by FCA (U.K.): Saxo Markets is regulated by the Financial Conduct Authority (FCA) in the United Kingdom. This regulatory oversight adds credibility and assurance for traders.
- Industry-Leading Research: The broker provides top-notch research amenities, setting a gold standard in the online forex brokerage arena.
- Superior User Interface: Their trading platforms, SaxoTraderPRO and SaxoTraderGO, offer advanced features, surpassing the industry-standard MT4. They also allow seamless integration with third-party tools.
- Protection for Client Accounts: Saxo Markets offers “negative balance protection,” a crucial feature for traders, particularly after events like the Swiss National Bank event in 2015.
- Lack of Emphasis on Customer Service: Saxo Markets falls short in terms of customer service. Their website lacks live chat functionality, and online chat is limited to funded accounts. Customer support options are also restricted for lower-tier clients.
- Confusing Fee Structures: The broker’s fee schedules and costs can be perplexing, with contradictory commission and spread disclosures for similar instruments and venues.
- Non-Acceptance of U.S. Clients: Saxo Markets does not accept traders from the United States due to regulatory constraints, limiting its global reach.
- No MT4: Unlike many other brokers, Saxo Markets does not offer the widely popular MT4 platform.
Saxo Markets caters primarily to advanced traders, professionals, and institutions. They offer tiered accounts that lower trading costs and provide additional benefits as equity grows. However, smaller account holders may face higher account minimums and various fees, making it less suitable for them. For example, for U.K.-based accounts, the Platinum tier requires £200,000, and the VIP tier requires £1,000,000.
- Range of Offerings: Saxo Markets offers an extensive catalog of leveraged and investment products spanning multiple asset classes, including forex, shares, ETFs, commodities, indices, options, bonds, futures, and more.
- Customer Service: The broker’s customer service is a weak point, with limited live chat availability and a lack of local or toll-free support numbers. Prospective clients may find it challenging to get in touch.
- Education: Educational materials are geared more towards platform and product tutorials, with limited resources for skill-building. This aligns with Saxo’s target audience of advanced, well-funded traders.
- Security: Saxo Markets prioritizes security by holding client funds in segregated accounts, complying with regulatory rules, and offering negative balance protection. Their software security includes two-factor and biometric authentication.
- Research Amenities: Saxo Markets excels in research, offering a wide range of real-time news services, market reports, trading ideas, and analyst ratings. Their commitment to providing comprehensive research is a notable advantage
It’s important to note that the regulatory environment for financial institutions can change, and new regulations may have been implemented or updates made since my last update in September 2021. Therefore, for the most current regulatory information regarding Saxo Markets, I recommend visiting their official website or checking with the relevant regulatory authorities. Regulatory compliance is an important factor in assessing the credibility and safety of a financial institution.
Saxo Markets Analysis
saxo is a versatile broker suitable for traders of all experience levels, whether beginners or seasoned professionals.
Clients gain access to a broad range of markets, including securities, OTC trading, derivatives, and Forex instruments.
$2000 minimum deposit requirements for cash accounts, making it accessible to a wide range of investors.
Innovative Trading Features:
Continuously introduces new features and tools to enhance the trading experience for its clients.